Investing.com - Crude oil were mixed on Monday, erasing earlier gains as traders were still assessing the impact of Hurricane Nate on Gulf Coast refineries and amid hopes for further output cuts by the Organization of the Petroleum of Exporting Countries
The U.S. West Texas Intermediate crude November contract was up 9 cents or about 0.16% at $49.37 a barrel by 8:50 a.m. ET (12:50 GMT), hvering near Friday's three-week lows of $49.10.
There will be no floor trading on the Nymex on Monday because of the Columbus Day holiday in the U.S. All electronic transactions will be booked with Tuesday's trades for settlement.
U.S. crude prices declined last week after four consecutive weekly gains as concerns of overproduction resurfaced.
Meanwhile, oil production platforms in the Gulf of Mexico started returning to service on Monday after Hurricane Nate forced the shutdown of more than 90% of crude output in the area.
Elsewhere, Brent oil for December delivery on the ICE Futures Exchange in London was down 17 cents or about 0.31% at $55.44 a barrel, near Friday's two-and-a-half week low of $55.06
Oil prices found some support after OPEC Secretary-General Mohammad Barkindo said on Sunday that consultations were under way for an extension of the cartel's supply-cut agreement beyond March 2018 and that more oil-producing nations may join the pact.
He also said OPEC members and other producers may have to take some "extraordinary measures" to ensure the market is in balance in the long term.
OPEC members are set to meet in Vienna on November 30 to discuss its pact to reduce output in order to re-balance the market.
Elsewhere, gasoline futures were down 2.58% at $1.580 a gallon, while natural gas futures declined 0.48% to $2.909 per million British thermal units.